Saw an interesting article from Channelnewsasia about 1 in 4 Singaporeans experiencing credit card fraud.
According to the article, 23% experienced some form of credit card fraud in the past 5 years.
That is a rather large number.
From my experience, when you have an overseas transaction or large transaction, the credit card company will normally send you an SMS to alert you on the transaction.
So if it is no authorised, then you can just call the bank to notify them of the illegal transaction.
Also, I remember in the days when SMS were not so popular yet, they will also bother to call you if you have overseas transaction. So there are some safeguards for these credit card transactions.
At the same time, the banks have introduced measures like having your photos on the credit card so that this will make it harder for unauthorised persons to use your card illegally.
However, this requires that the person taking your credit card, be it a waiter or cashier, and using it to process the payment check against the signature or against the photo. I had once received a credit card and forgot to sign it. The first few retail transaction went through but there was an alert cashier who pointed out and told me that the card is not signed, so she cannot accept the card.
The onus is also on the credit card user to be careful of when and how you use the credit card. When you use it for online transactions, do you check that the page is secure? Is it encrypted so that it protects your credit card details better? Is it a reputable merchant?
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